The past few years have been the most morale sapping for corporate banking. Slowing global economy, low industrial output, increasingly strict regulations and growing Non Performing Assets (NPAs) have made life miserable for banks. They need to develop a relationship centric strategy that puts emphasis on customer relationship management (CRM) as a solution which can be achieved through banking CRM.

Commercial banking needs to keep into consideration not only aspects related to product selling but also having a deep customer centric approach. In such scenario, corporate banking CRM provides a competitive edge to the business for seamlessly handling existing clients, while at the same time, increasing new revenue opportunities.

Listed below are five key benefits of CRM in corporate banking for corporates:

• Smart Account 360 degree- Banks can acquire corporate accounts quickly through digital journeys that captures account requirement, documentation, transaction histories, limit utilization and so on. Seamless integrations with multiple external sites can deliver verified corporate information. This intelligence can be used to build a richer corporate account profile that cements a long term, profitable business relationships through CRM for corporate banks.
• Intelligent Account Planning- Relationship managers can track key account metrics to gauge the real time status of an account. RMs can use performance modelers through CRM in corporate banking to plan more account engagement activities that translate to more business opportunities. With a CRM in corporate banking, bankers can get real time account data and account activity updates for more personalized servicing and cross sell opportunities.

• Actionable reports and dashboards- Through CRM for corporate banks, customizable dashboards and drilled down reports give bankers a hawk eye view of account health and trends. This fine grained intelligence on transaction and interaction can power accurate credit analysis and product customization.
• Streamlined cross-channel processes- Account follow-ups, yearly renewals, and limit enhancement interactions can be automated with real time AI-driven nudges and automated reminders. Role based data visibility will ensure account integrity. Real time data also makes proactive decisions possible. Siloed systems are eliminated through integrations and mashups on a unifying CRM for corporate banks solution.
• Deeper account loyalty- Bankers can offer customized attention to bankers with the help of holistic intelligence captured through CRM in corporate banking platform. With the added benefit of convenience, personalized engagement and mobility, bankers now have a strong foundation to build deeper account loyalty.

Conclusion

Being in a dynamic yet competitive scenario, corporate banking needs to be in sync with the technology innovation, efficient risk modelling systems & service excellence. Adapting BUSINESSNEXT’s Corporate banking CRM will provide an extra edge to the existing competition in order to achieve customer delight with set targets.

BUSINESSNEXT’s CRM for corporate banks, is used by over 1 million users who manage more than 1 billion customers across 30+ countries in Asia, Europe, North America, the Middle East, and Africa. Our customers include several of the largest and fastest-growing brands in the world who rely on our platform for all their sales, on-boarding, servicing and cross-selling needs.